1.For-profit, governmental, and not-for-profit. "identifying, recording, and reporting" are the accounting activities?

2. Under the example exercises when filling in the missing calculations how do I find the missing “expense” column and the “losses” column?

3. What are the deferrals? and how do they have an effect on the balance sheet?

4. GAAP is a common set of rules, standards, and procedures that publicly traded companies must follow when composing their financial statements but what does it have to do with the FASB? (financing accounting standards board). I'm pretty confused about it.

Answer rating: 100% (QA)

Ans 1 Organizations are divided into 3 categories Profit Governmental and Not for Profit If we talk in a layman terms then identifying recording and reporting are the 3 basic steps of accouting activi... View the full answer